Facts on Disability Insurance Policies

Guaranteed renewable and non-cancellable: The insurance company cannot cancel the policy during the specified term, except for non-payment of premiums. The insurer cannot change any terms of the policy, including premiums. Most policies are renewable to age 65 and can in some cases even be beyond 65.

Guaranteed Renewable: Can increase premiums upon renewals as long as it imposes the increase on all policyowners in the same risk class.

Renewable: The policy is not cancellable during the specified term. The insurer can change the policy terms or re-underwrite the policy at any anniversary date. The insurer can also request new evidence of insurability, and increase the premiums.

Non-Renewable: The insured cannot renew the policy at the end of the term. The insured must make a new and separate application for continued coverage.

Cancellable: The insurer can cancel the policy at any time with written notification. Typically, these policies are also non-renewable. The insurer can increase the premiums or decrease benefits if the claims for the class are higher than expected.

We at YourInsuranceGuy.ca are experts in explaining the various Disability Insurance contracts, its feature, fine prints etc etc. Please feel free to contactus at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.

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